No reserve at luxury Cayman home auction

| 07/10/2010

(CNS): Some lucky millionaire could get themselves a real bargain next month when Casa Coyaba, a 19,000 square foot luxury home in Prospect, goes up for auction. With 210 feet of beachfront, the property was previously listed for $19.8 million but there will be no reserve price at the live auction taking place on site on 3 November when it will sell to the highest bidder regardless of price. The house is completely furnished throughout its 39 rooms as well as on its nine open and eight covered balconies. According to the sellers there are eight bedrooms, 10 full bathrooms, two powder bathrooms, a library, two formal living rooms, a great room, full gym, theatre room, two master suites, two gourmet kitchens, two laundry rooms, a separate entire nanny suite and two executive offices.

The live, on-site auction is being conducted on behalf of Cayman Islands Sotheby’s International Realty by Concierge Auctions. Local realtor Sheena Conolly described Casa Coyaba as a “splendor and one of the most impressive luxury residences in the Caribbean” with spectacular views. “There are very few homes that are as memorable as this one," she added. It also has a 40-foot, infinity edge, heated pool that overlooks the beach, as well as hot tubs an outdoor kitchen and bar area and a lighted doubles tennis court that sits just next to the residence.

The property is located on 222 Old Prospect Road, where the auction will take place.
 
"Concierge Auctions has established itself as the auction firm of choice for luxury property sellers throughout the United States, and we are excited to extend our services to select international clients," said George Graham, CEO of Concierge Auctions. "Promising to generate market value for the house the auctioneers said the owner of Casa Coyaba has agreed to sell through the truest form of auction – without reserve. “Buyers will appreciate being able to name the price in an open, transparent forum. This is the first auction of its kind in the Cayman Islands and a genuine, unique opportunity to own a premier estate in one of the worlds most sought-after destinations."
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Comments (37)

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  1. Wouldnt it be funny says:

    Wouldn’t it be funny if everyone got together and decided to not bid and only 1 person submitted a minimum bid. How does one bid anyway? Did I miss the details?

     

  2. Anonymous says:

    I know…It should be bought for the UDP / PPM clubhouse. After all they have had an effective hand in driving property values. I think they deserve to buy it with our dollars at a reduced price…..don’t you? They certainley have enough bathrooms.

  3. Anonymous says:

    Hotel Casino!

  4. Roy Altor says:

    The reality about Cayman realty is that if you have a mortgage 90% likely you are now in a negative equity position.  The market is down to 50% of highs.  The banks have started selling off foreclosed properties and have been shocked at how low they have been sold for.

  5. Scrooge McDuck says:

    $400!!
    Is there an On The Run close by? ‘Cause I don’t like to cook.

    • Pocket change says:

      I see your $400 and raise you to $401.95.  It’s mine, mine I tell ya!

      • Scrooge McDuck says:

        Drat! Outbid!  Where did you come up with that kind of money???  I didn’t like the color scheme anyway it’s too  ahh…  white.

      • Marek says:

        My guess is there is a backup bid, somebody offered X … maybe $8.5 million and the owners who are most likely either (a) an estate, (b) a lender or (c) an wealthy outright owner whose plans have changed… in any of those cases the bottom line is… they want the property gone… and the final price is not that important to them.

        They consider the offer presented to be too low, so they’ve decided to have an auction to see if anybody will outbid the lowball offer.

        Before everybody gets excited, somebody do their research. What did this house sell for (or rather) what was its asking price five or six years ago.

        If I am not mistaken, it was less than half the current ‘asking price’.

        This is like selling a 1990 Jeep with 195,000 miles and ‘asking’ $15,000…  but for you…I will make a special price of $6,500… look what a fantastic deal you got… less than half price…

        Either that… or you overpaid… ๐Ÿ™‚

        As for the current high bid of $401.95, you will have to rent out all those extra bedrooms (for about a thousand bucks each) just to cover the CUC bill…

         

  6. paul says:

    note the auction is actually 4th november, not the 3rd. 

    • Guy Fawkes says:

      If you could put it off one more day I might be able to come in with a surprise bid.

  7. Anonymous says:

    I think it should be used to house the overflow from Northward Prison. Have to make sure to throw some trash all over the yard so everyone feels at home.

    • Anonymous says:

      I really don’t understand your comment. Regardless what else you have to say about HMP Northward it is clean. On the other hand if you’re speaking about their homes on the outside of prison, I will have you know that we as Caymanian home owners take much pride in the way we keep our yards. I can’t swear for the 106 other nationalities that has invaded our beautiful islands in the last couple of years. I don’t want to go back to the days of the "smoke pan" an the "back house" an the Sears catalog "toilet paper". But I would like to return to the days when we were not outnumbered in our own "Islands That Time Forgot". God be with you till we meet again.

      • Anonymous says:

        Say WHAT?????????!!!!!!!!!!!!!!!

      • Hallowe'en Jack says:

        I think this narrow minded individual is saying the foreigners smell.  A new low even for here.

  8. Plunge says:

    It will be quite funny to see what this goes for in the end.  No matter how badly you might think the Cayman market is tanking, it is in fact much much worse.

  9. A Concerned Young Caymanian Father says:

    Hmmmmmmmmmm………maybe I’ll buy this one…as a weekend house! After all, it’s ONLY about $20 Mil! LOL

  10. Anonymous says:

    And on that same day more than 20,000 children die, because they don’t have anything to eat.

    Maybe cns can list the names of these kids ?

    • Anonymous says:

      And instead of purchasing the computer you used to type your message, you could instead feed a family of four for half a year in Malawi.  

      • Anonymous says:

        You raise a good point …. and so did the post you’re responding to. 

    • Expat says:

      More than that die of preventable malaria everyday

      The relevance to a no reserve auciton is what?

    • Anonymous says:

      This remark would only make a bit of sense if you know WHY these children are dying.

      If the war lords and other dictators of this world would come to their senses, this would not be happening.

      For all we know, one these characters may be a potential buyer of this estate for example.

    • Anonymous says:

      I think the point being made is that such extravagance is in sharp contrast to the existence of most people and that it can be a little unseemly to glory in it.

    • Hallowe'en Jack says:

      Their deaths are sacrifices for those who worship the heady mix of free market economics and the oxymoron that is "corporate democracy".  Ask any friends who consider themselves Republicans for details.

  11. Anonymous says:

    If you planned it out right, you could rotate using the bathrooms and not really need to clean them more than say every 3 to 4 months. That seems like a selling point….

    and no, I don’t work for a real estate company!

  12. Anonymous says:

    The down side of no reserve is the owner simply wants out regardless of price. Hopefully this reflects the owners personal cash flow needs and not a negative statement toward the Cayman Islands.

    • Anonymous says:

      I think it’s the latter. As an expat I am planning my exit from Cayman much earlier then I had originally planned. Between the Gov’t roll over, Caymanians wanting us gone and the increase in crime, Cayman is not a comfortable place to live. I have been here 8 months and I have seen enough. I hope the island can get back to what it used to be.

      • Anonymous says:

        @Anaon. 23:17. Perhaps when enough of the no-commitment type like you leave… (we’ll get "…back to what it used to be.").

        • Anonymous says:

           But you *had* lots of expats who wanted to make a commitment.  You rolled them over, remember?

          Besides, it’s not this poster’s fault if the merchandise doesn’t match the marketing.  If you want people to commit, you have to give them something worth committing to.

          I’ll tell you one thing:  I have been here for over ten years and always wanted to make this my permanent home.  Unfortunately, the island is not what it once was.  And it’s not the crime or the increase in foreigners that has done changed it for me.  It’s all the new concrete everywhere…not very islandy, mon.  I can get concrete at home.  

          Your government seems to want this to be Miami.  I still love it here, but I wish it still looked the way it did ten years ago.  I’m sure you do, too.  A Caymanian friend of mine often shows me pictures of himself on the beach as a kid — all those long, beautiful stretches of sand and water with no concrete anywhere in sight.  Gorgeous!  So sad to compare those photos with what’s out there today.  

          • Anonymous says:

             LOL  — Just read my response back.  "…has done changed it…"!  Promise I am not a hillbilly.  Pardon the typo.  I meant, "has changed it".   

          • Anonymous says:

            We still have a lot of that old Cayman remaining in the eastern districts and the sister islands. However it is not fair to tell some that "The island has enough development for me so YOU can’t develop". Seems a bit hypocritical.

            • Anonymous says:

              No, you’re probably right.  It is a free market, after all.  Has anyone actually said that?

              I suppose the problem you’re facing is how to develop the remaining stretches of natural land in such a way that their beauty is enhanced, rather than spoiled, as well as preserving access.   If you can manage it, the eastern districts and the sister islands will have done something very special.